Hoboken, NJ vs Summit, NJ

Hoboken, NJ and Summit, NJ have a very similar cost of living, with only a 4% difference in their overall index. Hoboken scores 196 while Summit scores 189 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Hoboken is $2,819/month compared to $2,308/month in Summit — a 22% difference. Interestingly, home values tell a different story: while Summit has cheaper rent, Hoboken actually has lower median home values ($872,100 vs $969,900).

Median household income in Hoboken is $176,943 compared to $199,107 in Summit (-11.1%). Summit offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Hoboken spend roughly 19.1% of their income on rent, more than the 13.9% in Summit.